The Inflation Reduction Act: Place-based Policy, Tax Incentives, and Geopolitics

The Inflation Reduction Act created a diverse set of funding, financing, and tax incentives to promote investment in clean energy and manufacturing that the Biden-Harris administration is now implementing. That work follows a four-year period of intense legislative activity in the 116th and 117th Congresses as well as the much longer history of U.S. clean energy and climate policy. The legislative process that achieved the Inflation Reduction drew on that long history and the vast library of policies it created over time, and it adapted to the opportunities presented to - and seized upon - by policymakers to respond to changing energy, security, and economic needs facing the nation. The resulting portfolio of tax incentives, funding and financing programs, and other measures in the Inflation Reduction Act and related laws points to the need for reinvestment in energy communities and the always-global context of energy policy.

Speaker: Luke Bassett, US Department of the Treasury